Shares of SK Eternics, a solar energy company that is drawing attention as an alternative energy sou..
Shares of SK Eternics, a solar energy company that is drawing attention as an alternative energy source for crude oil, are on the rise right after the opening, with the KOSPI up 0.43 percent to 5510.82 on the 16th.
SK Eternics was traded at 4,1500 won in early trading, up 4.8 percent from the previous day.
SK Eternics shares topped the list last week, surpassing its weekly gain of 44 percent. This contrasts with the 1% decline in the KOSPI index during the same period. The continued instability in oil prices is expected to lead to an intraday buying trend.
SK Eternics’ main businesses include solar power, land and sea wind power, fuel cells, and energy storage systems (ESS).
The biggest reason for the stock price increase is the oil shock. Brent crude oil, the international crude oil price standard, has risen to $119 per barrel during the day, apparently raising interest in alternative energy.
The government’s policy to expand renewable energy supply also pushed up stock prices. The market is growing rapidly as regulations on solar separation distances have been eased and policies to mandate solar installation have been implemented, and the Renewable Energy Supply Mandatory System (RPS) has been reorganized.
Ahn Joo-won, a researcher at DS Investment & Securities, said, “The domestic solar market, which remains in the 3GW market annually, is expected to increase significantly to the 5th to 6GW market from next year,” adding, “There are not many companies that conduct business in scale such as solar and wind power in Korea, so it will benefit minority companies.”
Meanwhile, oil price instability continues in the aftermath of Iran’s attack on the UAE’s Fujairah port on the 14th. The port of Fujairah was considered an alternative to the Strait of Hormuz.
On the 16th (local time), the price of West Texas Intermediate (WTI) crude oil rose 2.60% from the previous trading day to $101.31, and Brent crude oil rose 2.68% to $103.14.
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